ACC cements investor demand

Convertibles and GDRs offered simultaneously by top Indian cement producer.

Associated Cement Companies ACC has closed a double-barreled offer of $60 million convertible bonds and $40 million GDRs, following recent equity-linked offers from Reliance Energy and Indian Hotels.

The book-build took place overnight on Monday with investors covering the books five times. The convertible is priced at par and has a maturity of five years and one day, with a 1% coupon and redemption at 107.936%. The yield-to-maturity is priced at 2.5%, the bottom end of a marketed range of 2.5% to 3%.

The conversion premium priced at the top of a 30% to 35% marketed range for a conversion price of Rs374.2 $8.30. The reference price, taken at...

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